Each month we track changes to the management teams of actively managed, equity-oriented funds and ETFs. That excludes index funds and most fixed income funds. The index fund exclusion is pretty straightforward: in a passive fund, the managers are interchangeable cogs whose presence or absence is almost always inconsequential to the fund’s performance.

Similarly, most bond fund managers have a very limited ability to add value. Over the past ten years, for instance, the top-performing Core Bond fund in the Lipper universe outperformed its peers by just 1% per year with a virtually identical Sharpe ratio (0.98 for the top returning fund, 0.97 for the average fund). The best global income and flexible income managers outperformed by 3.5 and 2.4%, respectively, which is comparable to the margin between the best large-core equity fund managers and the pack.

This month, over 60 funds saw changes in their management teams. The month’s biggest story is probably a non-story: David Wallack is relinquishing the reins at the four-star, $15 billion T. Rowe Price Mid-Cap Value (TRMCX) … but, in true T. Rowe Price fashion, the retirement will come after a year-long transition and Price (along, perhaps, with Mairs & Power) have been virtually flawless in their ability to train and integrate new managers into distinguished funds.